Videocon Industries Limited
Add to watch list to get report alerts
BSE Code:
511389
NSE Code:
VIDEOIND
Business Profile
Business Profile
Videocon Industries (VIDEOCON), the 3.5 billion USD flagship company of the Videocon Group, is a diversified company having varied interests including consumer goods, oil and gas. It was incorporated on Sept. 4, 1986.
The company is into the key sectors of consumer durables, display industry and its components, color picture tube glass, and oil and gas. Consumer durables comprise color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances. The display and color picture tube (CPT) divisions have been recently acquired from Thomson. In the oil and gas segment, Videocon has a 25% stake in the RAVVA joint venture, which produces 50,000 barrels of oil per day and is also exploring opportunities in Jordan, Yemen, Ukraine and Nigeria. The company has been allotted a block in Oman having potential reserve in excess of four billion barrels for exploration and production
The ISO 9002 certified company has entered into a license agreement with CopyTele, Inc. under which Videocon will manufacture and market products, including TVs, using CopyTele`s display technology. The company acquired Planet M, the music and entertainment retail arm of media house Bennett, Coleman & Co. The acquisition was done by NEXT, the company`s retail chain for consumer electronics and home appliances. The USD 88 billion telecom giant Verizon has tied up with Videocon Industries to offer international long-distance (ILD) services in India. EKL Appliances (formerly: Electrolux Kelvinator) has been amalgamated with the company.
Through group activities, the company has the widest sales and service network in India supporting seventeen locally-based factories. In addition, the company has access to facilities in Italy, Poland, Oman, China and Mexico. The registered office of the company is located at 14 Km Stone, Aurangabad-Paithan Road, Chittegaon village, Paithan taluka, Aurangabad-431005, Maharashtra.
Financials
The company announced a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 75.78% to Rs 604.30 million from Rs 2,494.90 million in the same quarter previous year. Net sales declined 12.17% to Rs 20,747 million, while total income for the quarter fell 13.19% to Rs 20,806.20 million, when compared with the prior year period. It posted earnings of Rs 2.63 a share during the quarter, registering 76.43% decline over previous year period.
Recent Developments
08-DEC-08
The economic meltdown has led the company to postpone the launch of its direct-to-home venture, D2H, reports Economic Times.